France: Industrial output rebounds in February
Industrial output rose 1.2% in month-on-month seasonally-adjusted terms in February, which contrasted January’s 1.4% decrease. The reading reflected a broad-based improvement, with activity in the manufacturing, mining and quarrying and energy sub-sectors all improving in February.
On an annual basis, industrial activity grew 1.3% in February, contrasting January’s 1.6% fall. Meanwhile, annual average variation of industrial production was stable coming in at January’s 0.1% in February.
Commenting on the industrial outlook, Charlotte de Montpellier, senior economist at ING, outlined that:
“Industrial production rebounded in France in February, but not enough to compensate for January’s decline. Energy-intensive activities remain heavily impacted by the energy shock. […] These data indicate that the trend for French industrial production is still sluggish, though it does not resemble a collapse, thanks in particular to supply chain pressures easing. […] Overall, industrial activity is likely to decline over the quarter, which will contribute negatively to economic growth in the first quarter.”